HR7026-119

What This Bill Does

The Fiscal State of the Nation Act creates an annual joint Budget Committee hearing. Within 45 days, excluding weekends and holidays, after the Treasury Secretary submits the audited financial statement required under title 31, the House and Senate Budget Committee chairs must conduct a joint hearing on a date agreed with the Comptroller General. At that hearing, the Comptroller General reviews GAO audit findings and analyzes the federal government's financial position and condition, including net operating cost, income, budget deficits or surpluses, long-term fiscal projections, and social insurance projections. GAO must present professional, objective, fact-based, nonpartisan, nonideological, fair, and balanced information. The hearing must follow House and Senate rules, be open to the public and press coverage, and allow any Senator, Representative, Delegate, or Resident Commissioner to participate like a Budget Committee member. The requirement applies to audited financial statements submitted after enactment.

Who Benefits and How

Members of Congress, congressional budget staff, taxpayers, journalists, fiscal watchdogs, and the public benefit from a recurring open hearing on the federal government's audited finances and long-term sustainability. GAO benefits from a formal forum for presenting audit findings and fiscal projections. Budget Committee members benefit from a predictable annual process tied to Treasury's financial statement.

Who Bears the Burden and How

House and Senate Budget Committee chairs and staff must schedule and run the joint hearing every year. GAO and the Comptroller General must prepare an objective presentation covering audit findings, fiscal measures, and sustainability measures. Treasury financial-reporting staff face more public scrutiny of the audited statement. Members of Congress may need to engage with long-term fiscal and social insurance projections in a public setting.

Key Provisions

• Requires an annual joint Budget Committee hearing after Treasury submits the audited federal financial statement.
• Requires the Comptroller General to present GAO audit findings and fiscal-condition analysis.
• Requires analysis of net operating cost, income, deficits, surpluses, long-term fiscal projections, and social insurance projections.
• Requires the presentation to be professional, objective, fact-based, nonpartisan, nonideological, fair, and balanced.
• Requires the hearing to be public and open to press coverage.
• Authorizes any Senator or House Member, Delegate, or Resident Commissioner to participate.